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8/2/19

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Business

Vale updates on injunction and judicial deposits

The company was summoned to make a judicial deposit of R$ 7,413,790,458.03 in compliance with the two orders to block funds
p>Iron ore production increased 17% q/q to 74.1 Mt, mainly driven by the Southeastern and Southern Systems’ solid performance into the dry season. Northern System production improved 4% q/q,p>As a result of this one-off event, the sale of our Midwestern System (~3.5 Mt) and in order to account for greater flexibility in our production due to current market conditions, Vale is revising its annual production guidance for 2022 to 310-320 Mt. The revised guidance is in line with our value over volume philosophy.

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Nickel production was 24% lower q/q mostly due to scheduled maintenance of our downstream facilities, which was partially offset by strong performance at Onça Puma.

Mines operated in a steady pace through the quarter, with North Atlantic mines building up feedstock for planned mine-mill maintenance in 3Q22. Sales were largely in line q/q as inventories built in 1Q22 were sold in 2Q22.

Copper production was in line with Q1 as the effect of Sossego SAG mill resumption in early June and stronger performance of Canadian mines were offset by both planned and corrective maintenance at Salobo plant.

As a result of a longer-than-expected maintenance at Sossego mill and additional maintenance at Salobo mill identified for 2022, Vale is revising its annual production guidance for Copper to 270-285 kt.

Click here for full report

 

Media Relations Office - Vale
imprensa@vale.com

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